Business, 21.11.2019 23:31 Tetto

Robinson crusoe is a castaway, stranded on a lonely island with only a hand full of resources. to stay alive he picks off apples, grows barley, and washes it down with some cool coconut milk. in his leisure time he carves wooden drumsticks (to jam on rocks) and earplugs for whenever he gets tired listening to himself. some time, he starts recording his activities to bring structure to his outcast life. use the table of the prices and quantities robinson documented in 2017 and 2018 to make an assessment on the state of his economy. assume that 2017 is the base year. goodsprices2017quantities 2017prices2018quantities 2018apple110002900barley24001700coc onut32002250drumsticks10502010earpl ugs5201010a) compute the inflation rate in 2018. show your work. b) what is nominal gdp (ngdp) in 2017 & 2018? compute ngdp growth as well. show your work. c) what is real gdp (rgdp) in 2017 & 2018? note that gdp deflator2017 = 100 & gdp deflator2018 = 103.125. compute rgdp growth as well. show your work. d) explain your results to robinson. especially emphasize the distinction between ngdp and rgdp and why it makes sense to differentiate between the two. make sure to relate your arguments to your calculations above. e) in real-life, would production contributions from outcasts such as robinson crusoe who live off the grid be counted in gdp? why or why not? (3 sentences max.)

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